Plenary Session 1 @ 10:00 - 11:00 : Alejandro Balbás
    Risk Measures and the Role of Derivatives in Risk Minimization

Parallel Session 1 @ 11:00 - 12:00

ASTIN	Auditorium	Risk Margin for a Non-Life Insurance Run-Off Mario V. Wuthrich , Paul Embrechts , Andreas Tsanakasy
		Development Pattern and Prediction Error for the Stochastic Bornhuetter-Ferguson Claims Reserving Method Annina Saluz, Alois Gisler, Mario Wuthrich
		Bornhuetter-Ferguson Reserving Method with Repricing Alois Gisler, Annina Saluz, Mario V. Wüthrich
	Castellana 1	Pricing in Microinsurance Markets Christian Biener
AFIR	Castellana 2	MARKET-CONSISTENT REPLICATION OF INSURANCE LIABILITIES IN A MULTIPLE RISK ECONOMY Werner Hürlimann
		The mechanics of actuarial and risk management – role of actuarial and risk management in the financial services sector Martin Tarusenga
		To hedge or not o hedge that is the problem Ricardo A. Tagliafichi

Plenary Session 2 @ 12:00 - 13:00 : Paul Embrechts
    Risk Aggregation and Diversification: Issues and Pitfalls

Parallel Session 2 @ 14:00 - 15:00

ASTIN	Auditorium	Explicit ruin formulas for models with dependence among risks Corina Constantinescu
		On the distortion of a copula and its margins Emiliano A. Valdez, Yugu Xiao
		Simulation of High-Dimensional T-Student Copula Gerard Torrent
	Castellana 1	CLIMATE CHANGE AND RESOURCE DEPLETION: THE CHALLENGE FOR ACTUARIES (REVIEW OF LITERATURE) S.D. Baxter, O.D. Bettis, S.J.R. Brimblecombe, C.A. Fitzgerald, Dr. S. Harrison, V.J. Hodge, B.P. Maher, P.G. Meins, A. Mookerjee. L. Perroy and N.G. Silver
		The financial crisis – risk transfer, insurance layers and (no?) reinsurance culture Michael Fackler
AFIR	Castellana 2	The Impact of Policyholder Behavior on Pricing, Hedging, and Hedge Efficiency of Withdrawal Benefit Guarantees in Variable Annuities Alexander Kling, Frederik Ruez, Jochen Ruß
		The Impact of Introducing Insurance Guaranty Schemes on Pricing and Capital Structures Hato Schmeiser, Joël Wagner
		Policyholder Exercise Behavior for Variable Annuities including Guaranteed Minimum Withdrawal Benefits Thorsten Moenig

Plenary Session 3 @ 15:00 - 16:00 : Pierre Devolder
    Solvency Measure for Pension Liabilities : Time, Inflation and Longevity Aspects

Parallel Session 3 @ 16:30 - 17:30

AFIR	Auditorium	Market Consistent Valuation of Long Term Insurance Portfolios Jan-Philipp Schmidt
		Cash flow-based valuation of insurance liabilities Teemu Pennanen
ASTIN	Castellana 1	Multirisks models in discrete time Anna Castañer, M. Mercè Claramunt, Claude Lefèvre
		Actuarial Applications of Distance-Based Generalized Linear Models Eva Boj, Josep Fortiana, Anna Esteve, M. M. Claramunt, T. Costa
		Index of Ranking for bonus-malus system José A. Álvarez Jareño, Prudencio Muñiz Rodríguez
	Castellana 2	The Retrospective Testing of Stochastic Loss Reserve Models Glenn Meyers, Peng Shi
		Diagonal effects in claims reserving Niels Rietdorf, Anders Hedegaard Jessen
		Provisions for loss adjustment expenses Niels Rietdorf, Anders Hedegaard Jessen

Parallel Session 4 @ 08:30 - 09:30

AFIR	Auditorium	ADJUSTED FORWARD RATES WITHIN TWO THEORY OF INTEREST RATES Joseba Iñaki De La Peña Esteban, Eduardo Trigo Martínez, Rafael Moreno Ruiz, Iván Iturricastillo Plazaola
		Financial Planning and Risk-Return Profiles Stefan Graf, Alexander Kling, Jochen Russ
ASTIN	Castellana 1	Implementing a Solvency II internal model: Bayesian stochastic reserving and Parameter Estimation MARCO PIRRA, SALVATORE FORTE, MATTEO IALENTI
		Calendar Year Reserves in the Multivariate Additive Model Alexander Ludwig, Klaus D. Schmidt
		A Model Study about the Applicability of the Chain Ladder Method Magda Schiegl
AFIR	Castellana 2	Heterogeneity: measure integrating risk of estimate in the case of a modeling of the observable factors Frédéric Planchet, Aymric Kamega
		Pricing S-forwards via the Risk Margin under Solvency II Susanna Levantesi, Massimiliano Menzietti, Tiziana Torri
		Bargaining for Over-The-Counter Risk Redistributions: The Case of Longevity Risk Tim Boonen, Anja De Waegenaere, Henk Norde

Plenary Session 4 @ 10:00 - 11:00 : David Wilkie
    Real-world Economic Scenario Generators

Parallel Session 5 @ 11:00 - 12:00

AFIR	Auditorium	Decomposing Hedge Effectiveness in Longevity Hedges Andrew J.G. Cairns, Kevin Dowd, David Blake, and Guy D. Coughlan
		Consistent Dynamic Affine Model for Mortality and Longevity Risk Applications Craig Blackburn, Michael Sherris
		INVESTIGATION OF HEDGING STRATEGIES BETWEEN ASSURANCES AND ANNUITIES FOR THE PURPOSE OF MITIGATING LONGEVITY RISK Frans Koning, Stefan Bekker
ASTIN	Castellana 1	Non parametric approach to analyzing operational risk losses Catalina Bolancé, Mercedes Ayuso, Montserrat Guillén
		Count Data Modeling with Multifractal Processes Jean-Philippe Boucher, Donatien Hainaut
		Applications of convex optimization in premium rating Dimitri Semenovich, Ian Heppell
AFIR	Castellana 2	PRUDENCE REVISITED: THE USE OF EXPECTED-UTILITY THEORY FOR DECISION-MAKING BY THE TRUSTEES OF A RETIREMENT FUND Robert J. Thomson
		A Note on Life-cycle Funds Stefan Graf
		A Joint Valuation of Premium Payment and Surrender Options in Participating Life Insurance Contracts Hato Schmeiser, Joël Wagner

Plenary Session 5 @ 12:00 - 13:00 : David Ingram
    Choices and Choosing: ERM and Rational Adaptability

Parallel Session 6 @ 08:30 - 09:30

AFIR	Auditorium	Analyzing Surplus Appropriation Schemes in Participating Life Insurance from the Insurer’s and the Policyholder’s Perspective Alexander Bohnert, Nadine Gatzert
		The Impact of Mortality Risk on a Life Insurer’s Risk Situation and Risk Management Nadine Gatzert, Hannah Wesker
		A Stochastic Mortality Model based on Smoking prevalence Torsten Kleinow, Andrew J. G. Cairns
ASTIN	Castellana 1	A credibility method for profitable cross-selling of insurance products Fredrik Thuring
		On a Hierarchical Credibility Model for Quantiles Georgios Pitselis
		Multicollinearity in credibility regression models Andrey Kudryavtsev
	Castellana 2	INSURANCE RISK ECONOMIC CAPITAL FOR EXCESS-OF-LOSS CONTRACTS WITH AN INFLATION STABILITY CLAUSE Werner Hürlimann
		Managing exposure to reinsurance credit risk Yuriy Krvavych
		A two-dimensional risk model with proportional reinsurance Andrei Badescu

Plenary Session 6 @ 10:00 - 11:00 : José María Sarabia
    A General Methodology for Enriching a Family of Distributions with Applications in Insurance

Parallel Session 7 @ 11:00 - 12:00

AFIR	Auditorium	THE CAPM RECONSIDERED: TESTS IN REAL TERMS ON A SOUTH AFRICAN MARKET PORTFOLIO COMPRISING EQUITIES AND BONDS Taryn L. Reddy, Robert J. Thomson
		ON THE ANALYTICAL EVALUATION OF THE INSURANCE MARKET RISK TARGET CAPITAL Werner Hürlimann
ASTIN	Castellana 1	Claims Development Result in the Paid-Incurred Chain Reserving Method Sebastian Happ , Michael Merzy, Mario V. WuthricH
		Double Chain Ladder María Dolores Martínez Miranda, Jens Perch Nielsen, Richard Verrall
		Double Chain Ladder and Bornhuetter-Ferguson María Dolores Martínez Miranda, Jens Perch Nielsen, Richard Verrall
	Castellana 2	Bayesian Graduation. A Fresh View Enrique de Alba, Ricardo Andrade
		Health care insurance pricing when the healthy and sick periods form an alternating renewal process with stochastic force of interest Franck ADEKAMBI

Plenary Session 7 @ 12:00 - 13:00 : Jean Lemaire
    The Impact of Culture and Political Risk on Non-Life Insurance

Plenary Session 8 @ 14:00 - 15:00 : Michael Sherries
    Enterprise Risk Management, Insurer Value Maximisation and Market Frictions

Plenary Session 9 @ 15:00 - 16:00 : Jean Berthon
    Finance: To Be Ethical or Not To Be

Parallel Session 8 @ 16:30 - 17:30

AFIR	Auditorium	IFRS Convergence in Japan: The Past and Present Impact for the Values in the Stock Market and Forward Looking Thoughts Miwaka Yamashita
		Delta and Gamma Hedging of Mortality and Interest Rate Risk Elisa Luciano, Luca Regis, Elena Vigna
		A stochastic model for the sustainable investment policy in a defined benefit pension fund Giuseppina Cannas, Giovanni Masala, Marco Micocci
ASTIN	Castellana 1	Multi-Year Enterprise Risk Management based on Internal Models Dorothea Diers
		A correlation analysis for non life underwriting module SCR Lluís Bermúdez, Antoni Ferri, Montserrat Guillén
		Sustainability of Earnings: A Framework for Quantitative Modeling of Strategy, Risk, and Value Neil M. Bodoff
	Castellana 2	Dividend problems in the dual risk model Lourdes B. Afonso, Rui M.R. Cardoso, Alfredo D. Egídio dos Reis
		Measuring the Impact of Inflation on the undiscounted Loss Reserves René Stephan
		Inflation and excess insurance Michael Fackler

Parallel Session 9 @ 17:30 - 18:30

AFIR	Auditorium	A COMPLETE MODEL OF GENERAL DYNAMIC IMMUNIZATION Iván Iturricastillo Plazaola, Joseba Iñaki De La Peña Esteban, Rafael Moreno Ruiz, Eduardo Trigo Martínez
		Model Uncertainty and its Impact on Solvency Measurement in Property-Liability Insurance Hato Schmeiser, Caroline Siegel, Joël Wagner
ASTIN	Castellana 1	METHODOLOGY IN SIMULATION ESTIMATION OF COLLECTIVE RISK IN NON-LIFE INSURANCE Jozef Hajnala
		Stochastic Claim Reserving Based on CRM for Solvency II Purposes Gian Paolo Clemente, Nino Savelli
		Modelling Dependence in Insurance Claims Processes with Levy Copulas Benjamin Avanzi, Luke C. Cassara, Bernard Wong
AFIR	Castellana 2	Stock vs Mutual Insurers:Who Does and Who Should Charge More Alexander Braun, Przemyslaw Rymaszewski, Hato Schmeiser
		Hedging Mortality Risk through Portfolio Composition: A Comprehensive Risk Analysis Nadine Gatzert, Hannah Wesker